The long-awaited launch of bitcoin spot ETFs in the US this 12 months helped engender a wave of optimism that the worth of the well-known cryptocurrency would shortly admire. The logic was easy: With a straightforward, low-cost avenue now accessible for normal traders to buy bitcoin, the supply-demand curve would shift and the worth of every bitcoin would rise.
However the response has been considerably combined. Whereas the worth of bitcoin has almost doubled up to now 12 months to round $43,000 in the present day, it has largely traded sideways in current weeks. Was the hype and ensuing response one other instance of the previous Wall Avenue maxim, “Purchase the rumor, promote the information”?
To be trustworthy, we’re checking the flows into and out of spot bitcoin ETFs extra continuously than we need to admit, however we nonetheless needed to be taught extra. So, we requested crypto-news readers in the event that they meant to purchase bitcoin by way of one of many new spot ETFs, whether or not they owned bitcoin elsewhere, and what influence they anticipated these new investing automobiles to have on its worth and on crypto.
A number of dozen replies from founders and operators later, we discovered some fascinating developments. A few quarter of respondents to our little, unscientific survey reported that they don’t intend to purchase bitcoin by way of an ETF, and already personal bitcoin elsewhere. The place are of us holding their cash? All over the place, it seems: Self-custody, Coinbase, KuCoin, all types of areas. Slightly impressively, Dara Khan, the top of selling at First rate DAO’s bitcoin, mentioned her pockets ended up on the “backside of the ocean, misplaced it in a boating accident :(.”
